As the U.S. riots continue spreading countrywide after the death of George Floyd, the stock market is anticipated to feel the heat. Amazon, Target and Apple have already temporarily closed their stores.
With what started as a peaceful demonstration over police brutality in Minneapolis that resulted in the death of George Floyd in police custody, it is starting to topple over the heat effect in the stock market. Led by Amazon.com Inc (NASDAQ: AMZN), Target Corporation (NYSE: TGT), and Apple Inc (NASDAQ: AAPL) that have already temporarily closed their stores.
The level of looting taking place has made the police crash heavily with the rioters, so the federal government is deploying the National Guards. To avoid being a victim of the protestors, most businesses are securing their stores by closing during the heated up times and some temporarily closing to keep their employees safe.
However, apart from Target group, which is headquartered in Minneapolis, Apple (AAPL) stocks and Amazon.com (AMZN) stocks are up, as of the time of reporting. AMZN shares are up 1.13% to trade at around $2,469.98, AAPL shares are up 0.99% to trade at around $ 321.10 while TGT shares are down 1.96% to trade around $119.93.
Apple Speaks on the Matter of Closed Stores
The rioting effect might probably have not affected most of the stores in the United States, however, if the rioting in addition to coronavirus disruption continues, a further market recession will remain imminent.
Apple said in a statement:
“With the health safety of our teams in mind, we’ve made the decision to keep a number of our stores in the U.S. closed on Sunday”.
According to Market Watch, Apple stores in Minneapolis, San Francisco, Portland Ore, Scottsdale, and also Ariz are among the ones vandalized as the looting heightened over the weekend.
However, one store that was vandalized in San Francisco stated that it is planning on reopening tomorrow. In a statement, Apple Inc. had underlined that it is planning on reopening the stores closed due to COVID-19 by late May 2020 seemed to be full of surprises!
Minneapolis is grieving for a reason. To paraphrase Dr. King, the negative peace which is the absence of tension is no substitute for the positive peace which is the presence of justice. Justice is how we heal.
— Tim Cook (@tim_cook) May 29, 2020
It might be the wrong time for the protest to be picking up as the coronavirus is still here with us and there is no approved cure or vaccine. However, delay of injustice is the injustice, it might be the time law enforcement agencies changed their way of handling any suspect in their custody.
A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”